The results show that the airline’s revenue totaled 396.5 million dollars as compared to 419.8 million dollars during the parallel period last year. Net loss amounted to 21.4 million dollars, while a loss of 16 million dollars was recorded in the same period in 2015. Cash reserves at the end of the quarter totaled 210.5 million dollars as compared to 143 million dollars last year, and cash flow from ongoing activity totaled 71.6 million dollars (59.2 million dollars last year). The number of passengers who flew EL AL increased by approximately 10%, from 957,000 in last year’s first quarter to 1,000,095 this year. Load factor on our planes increased during this period from 79.5% to approximately 80%.

During the quarter, the airline continued to cope successfully with increasing competition: while traffic to Ben-Gurion Airport increased by 8%, EL AL increased its traffic by about 10% and reached a market share of 36% and a high load factor of approximately 80%. Despite all of these positive figures, airline revenues decreased as a result of a significant decrease in the prices of flight tickets due to competition and to decreasing fuel costs.

In this quarter, fuel prices dropped about 37% as compared to the same quarter last year, reducing expenditures by some 35 million dollars, after hedging expenses.

EL AL President and CEO David Maimon: “The first quarter results for 2016 were affected not only by the relatively weak winter season and the Passover holiday falling in the second quarter, but also by an increase in the airline’s expenses due to disruptions in manning the flights. We are continuing negotiations with representatives of the pilots so that the airline can focus all of its efforts on dealing with increasing competition in the aviation industry. At the same time, we continue to prepare for delivery of the new Dreamliner aircraft and for implementing EL AL's strategic plans, by strengthening the Matmid Frequent Flyer Club, our UP subsidiary and taking other steps.”

EL AL Vice President Finance Dganit Palti: “During this quarter, the airline received three new narrow body 737-900 aircraft, financed by long-term loans from banks in Israel, which continue to express their confidence in EL AL's soundness and in its growth plans. The airline’s high cash reserves constitute a strong base for our continued expansion.”